Qatar Islamic Bank (QIB) has signed a strategic partnership deal with Doha-based Jaidah Equipment to support small and medium enterprises (SMEs) with a collection of products and services designed specifically for the sector.

Under the terms of the agreement, QIB will be the preferred financing partner for Jaidah Equipment, said a statement from QIB.

Tarek Fawzi, general manager of wholesale banking representing QIB and Ayman Ahmed, managing director of Jaidah Equipment, signed the deal at the bank’s corporate headquarters in Doha.

As per the deal, customers of Jaidah Equipment purchasing new equipment are entitled to use QIB’s fleet and heavy equipment financing scheme. The financing package was introduced last year as part of the bank’s Aamaly programme, comprising a collection of products and services for SMEs.

Through this programme, QIB aims to foster the growth of SMEs, thus helping to diversify the country’s economy in line with Qatar National Vision 2030.

Ahmed said: “Our partnership with QIB will simplify the process for acquiring and financing new commercial vehicles, trucks, cranes, concrete pumps and heavy equipment, making it more convenient than ever for our customers to obtain the equipment they need.”

Fawzi said: “QIB is committed to supporting the growth and diversification of the country’s economy."

“We are pleased to be working with Jaidah Group, which has such deep ties in the community, to support the development of local SMEs," he added. – TradeArabia News Service